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Merchant Services Terms - MThese terms occur frequently in both the merchant services industry and on our website.
A stripe of magnetic material affixed to the back of a Card that contains Cardholder account information.
Magnetic Stripe Reader (MSR)
A device which reads the encoded magnetic stripe information from the bankcard as it is swiped through the unit.
Merchant Service Provider (MSP)
A company that has been approved by any acquirer to accept Visa® and MasterCard® cards as payment for products and services.
Merchant Classification Code (MCC)
A category code that identifies the merchant by type of business as well as processing, authorization and settlement method.
Merchant Identification Number (MID)
A unique account number supplied by your member service provider that identifies the merchant.
Merchant Processing Agreement (MPA)
The written agreement between merchant and acquirer that details their rates, rights and regulations in the contract.
Monthly Minimum Fee
A minimum amount that your member service provider may require you to generate each month. If your monthly credit card processing fees are less than the minimum, then you are assessed the difference.
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